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China cbank to keep yuan ‘stable’: Governor Zhou
KUALA LUMPUR - China's central bank will continue to allow greater market forces in the yuan market, but will aim to keep the currency stable, Governor Zhou Xiaochuan told Reuters on Monday.
"We will stick to the long-standing yuan policy," Zhou said when asked whether any adjustments were planned.
"We will continue to let market supply and demand play a bigger role in the yuan mechanism; we will continue to manage (the) floating exchange rate system with reference to a basket of currencies," he said on the fringes of a central bank conference in Malaysia.
The U.S. has been pressuring China to allow the yuan to rise against the dollar.
"We will keep the yuan rate stable at a reasonable and balanced level," Zhou said.
A banking industry source said earlier on Monday that Chinese banks extended about 1.6 trillion yuan ($234 billion) in new loans in January, a record sum, in response to government calls to lend freely to help prop up growth.
Asked whether this was excessive, Zhou said the lending has been pushed up by China's monetary policy stance and that further observation was needed to conclude whether the loan growth is appropriate.
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